Sherwin Williams (SHW) FY2016 results: revenue $11.9 billion, up 4.6% on the year
Sherwin Williams Co. (SHW) reported revenue of $11.9 billion for fiscal 2016, the year ended 31 December 2016, up 4.6% on the year before. Net income was $1.1 billion, up 7.5%, and diluted earnings per share $4.00. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2017.
Revenue
$11.9 billion
+4.6% on the year
FY2009FY2016
Operating margin
18.3%
17.3% a year earlier
FY2009FY2016
Net income
$1.1 billion
+7.5% on the year
FY2009FY2016
Diluted EPS
$4.00
+7.4% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
11,856
11,339
11,130
+4.6%
Cost of revenue
5,933
5,780
5,965
+2.7%
Gross profit
5,922
5,559
5,164
+6.5%
Gross margin
50.0%
49.0%
46.4%
Research and development
58.0
57.7
50.0
+0.6%
Selling, general and administrative
4,140
3,886
3,823
+6.6%
Operating income
2,164
1,963
1,695
+10.2%
Operating margin
18.3%
17.3%
15.2%
Interest expense
154
61.8
64.2
+149.4%
Pre-tax income
1,595
1,549
1,258
+3.0%
Income tax
463
495
392
-6.6%
Effective tax rate
29.0%
32.0%
31.2%
Net income
1,133
1,054
866
+7.5%
Net margin
9.6%
9.3%
7.8%
Diluted EPS
$4.00
$3.72
$2.93
+7.4%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
1,309
1,447
1,082
-9.6%
Capital expenditure
239
234
201
+2.0%
Free cash flow
1,070
1,213
881
-11.8%
Free cash flow margin
9.0%
10.7%
7.9%
Cash from investing
-304
-289
-310
Cash from financing
-307
-980
-1,467
Depreciation and amortisation
198
199
199
-0.4%
Share-based compensation
72.1
72.3
64.7
-0.3%
Dividends paid
312
250
215
+25.0%
Dividend per share
$1.12
$0.89
$0.73
+25.4%
Diluted shares, weighted
283m
282m
294m
+0.5%
Shares outstanding at period end
279m
277m
284m
+0.8%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
1,878
868
996
+116.4%
Debt
1,953
1,950
1,805
+0.1%
Other liabilities
2,922
2,961
2,904
-1.3%
Total liabilities and equity
6,753
5,779
5,706
+16.8%
Fixed assets
1,096
1,042
1,021
+5.2%
Goodwill
1,127
1,143
1,158
-1.4%
Intangible assets
255
255
289
-0.1%
Cash and equivalents
890
206
40.7
+332.5%
Receivables
1,231
1,114
1,131
+10.5%
Inventory
1,068
1,019
1,034
+4.9%
Other assets
1,086
1,000
1,033
+8.6%
Total assets
6,753
5,779
5,706
+16.8%
10-K for the year ended 31 December 2016, filed 22 February 2017: the filing.